It's now official. The Securities and Exchange Commission has filed a lawsuit against Joseph Nacchio, the former CEO of Qwest Communications International alleging fraud and other securities violations.
The SEC alleges that under the leadership of Nacchio, Qwest engaged in a complex scheme to improperly record more than $3 billion in revenue and exclude some $17.3 million in expenses in its quarterly reports from 1999 to 2002. The agency wants Nacchio and the other top executives named in the suit to return any fraudulently obtained profits, with interest.
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